Tax Glossary

To help you interpret the jargon that you can come across in dealing with your tax, our team of experts have written a brief explanation for hundreds of technical terms. Click on a letter to show entries.

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Example glossary entry

Capital Gains - Indexation Allowance :
In relative terms, £100 was worth more ten years ago than today. Indexation adjusted for this increase in the cost of living within CGT calculations by reducing the profit in real terms, based on changes in the Retail Price Index.
Up to 5 April 2008 for gains on disposals by individuals an indexation allowances was given up to 5 April 1998 and taper relief applied thereafter. For disposal on or after 6 April 2008 indexation allowance and taper relief will no longer be available.
Whilst every effort has been made to ensure that the articles on MSN Money Tax Advice provide accurate and expert guidance, it is impossible to predict all the circumstances in which this information may be used. Accordingly, neither the publisher, author, MSN or Tax Buddies Limited shall be liable to any person or entity with respect to any loss or damage caused or alleged to be caused by the information contained in or omitted from articles on MSN Money Tax Advice. The law stated is that of England and Wales except where indicated otherwise.